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EXCEL - IDEA: XBRL DOCUMENT - Inova Technology Inc.Financial_Report.xls
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EX-32.1 - EXHIBIT 32.1 - Inova Technology Inc.ex32_1.htm
EX-31.1 - EXHIBIT 31.1 - Inova Technology Inc.ex31_1.htm
EX-32.2 - EXHIBIT 32.2 - Inova Technology Inc.ex32_2.htm
10-Q/A - FOR THE QUARTERLY PERIOD ENDED JULY 31, 2012 - Inova Technology Inc.m91212010q.htm
EX-31.2 - EXHIBIT 31.2 - Inova Technology Inc.ex31_2.htm
v2.4.0.6
DEBT
3 Months Ended
Jul. 31, 2012
Debt Disclosure [Abstract]  
DEBT

The following table summarizes outstanding debt as of July 31, 2012 and April 30, 2012:

    July 31,    April 30, 
    2012    2012 
    Carrying    Carrying 
Lender   Amount    Amount 
           
Boone Lenders, LLC  $6,902,108   $6,883,176 
Ascendiant Opportunity Fund, LLC   1,153,930    1,153,930 
Agile Opportunity Fund, LLC   173,500    173,500 
IBM - Trakkers, LLC          
           
Lease Facility   71,584    70,183 
Desert Communications, Inc. Sellers   1,389,107    1,389,107 
Trakkers, LLC Sellers   1,769,686    1,769,686 
Southbase, LLC - Related Party   142,532    142,532 
           
Other   154,000    154,298 
Total  $11,756,447   $11,736,412 

 

Of the total outstanding debt, $11,125,175 was in default as of July 31, 2012. Principal owed to Boone Lenders, LLC (“Boone”) increased due to the paid-in kind interest described below.

Boone is capitalizing and charging paid in kind interest on several of its notes. Each period, at a rate mutually agreed to by the Company and Boone, interest is recognized on the outstanding principal balance and added to the principal balance of the note. This started in May 2010 for Boone’s notes as a temporary arrangement which can be cancelled at any time. The interest rates range from 11% to 20% on various notes.

For the three months ended July 31, 2012, a total of $18,932 of interest was recognized and recorded to the principal balance of loans from Boone.